EquitySectoral/ ThematicRegularIDCWVery High

DSP Business Cycle Fund

Q: What is the NAV of DSP Business Cycle Fund?

As of 05 Oct 2026, the NAV of DSP Business Cycle Fund is ₹9.77 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has DSP Business Cycle Fund delivered?

DSP Business Cycle Fund has returned -2.65% over 1 year and -1.29% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of DSP Business Cycle Fund?

DSP Business Cycle Fund charges an expense ratio of 2.63% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of DSP Business Cycle Fund?

DSP Business Cycle Fund's largest holdings are ICICI Bank Limited (9.4%), HDFC Bank Limited (8.5%), Axis Bank Limited (5.8%), Bharti Airtel Limited (4.6%) and Larsen & Toubro Limited (4.2%). Holdings are disclosed monthly and change over time.

Q: How risky is DSP Business Cycle Fund?

DSP Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 13.7% and its worst peak-to-trough fall in our sample was -15.0%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What is the benchmark of DSP Business Cycle Fund?

DSP Business Cycle Fund is benchmarked against the Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages DSP Business Cycle Fund?

DSP Business Cycle Fund is managed by Anish Tawakley, Sandeep Yadav and Aparna Karnik at DSP.

Q: How is DSP Business Cycle Fund taxed?

DSP Business Cycle Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

DSP Mutual Fund · Best Sectoral & Thematic Mutual Funds

NAV

₹9.77

+0.31% 1D

as of 05 Oct 2026

This is the Regular plan of DSP Business Cycle Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is distributed, which is why this NAV sits below the growth plan of the same fund.

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Performance

-3.11%absolute

52-week rangePrev NAV ₹9.74

Latest ₹9.77

Low ₹9.2738th percentile of its 52-week rangeHigh ₹10.60

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.63%

Category —

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

19.58

Category —

Excess return per unit of total volatility (rf = 6.5%)

—

Category —

Scheme Info

Definitions

Plan

Regular · IDCW

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

If the units redeemed or switched out on or before 1 month from the date of allotment: 0.5% If units are redeemed or switched out after 1 month from the date of allotment: Nil

Up to 0.50%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹100

Nifty 500 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

18 Dec 2024

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-4.86%

Absolute return over the last 3 months (not annualized)

-6.85%

Absolute return over the last 6 months (not annualized)

+3.80%

Absolute return since 1 Jan of this year (not annualized)

-4.94%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

-2.65%

3-year annualized return (CAGR)

—

5-year annualized return (CAGR)

—

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

-1.29%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

13.73%

Excess return per unit of total volatility (rf = 6.5%)

—

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

—

Largest peak-to-trough decline over full history

-14.98%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

—

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

—

How much of the fund's movement Nifty 500 TRI explains

—

Excess return per unit of beta (market risk)

—

Active return over the benchmark per unit of tracking error

—

Annualized std dev of fund-minus-benchmark returns

—

Fund's share of benchmark gains in up months (100 = matches index)

—

Fund's share of benchmark losses in down months (lower is better)

—

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Sectoral/ Thematic)

Period	Fund	Category avg.	Diff
1M abs	-4.86%	—	—
3M abs	-6.85%	—	—
6M abs	+3.80%	—	—
1Y CAGR	-2.65%	—	—
3Y CAGR	—	—	—
5Y CAGR	—	—	—

Category average across peers in Sectoral/ Thematic, same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹1.20L

Current value

₹1.15L

Absolute

-3.83%

XIRR

-8.21%

Value vs. invested

ValueInvested

12 monthly installments of ₹10,000 into DSP Business Cycle Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty 500 TRI	Diff
2026part	-4.94%	-7.18%	+2.24%
2025	+2.73%	+7.94%	-5.21%
2024part	+0.05%	—	—

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

443

Expense ratio

2.63%

AUM

₹1,162Cr

Portfolio turnover

116%

Exit load

If the units redeemed or switched out on or before 1 month from the date of allotment: 0.5% If units are redeemed or switched out after 1 month from the date of allotment: Nil

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

19.6

P/B ratio

3.7

Avg market cap

₹5,05,768Cr

P/E & P/B are portfolio-weighted harmonic means across 44 of 52 equity holdings (78% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Sectoral/ Thematic

Compare all


DSP Business Cycle FundThis fund DSP · Regular · IDCW	—	-2.65%	—	—	—	2.63%	₹1,162Cr
Nippon India Taiwan Equity Fund Nippon India · Regular · IDCW	—	+125.07%	+61.55%	—	—	2.34%	₹1,110Cr
HDFC Defence Fund HDFC · Regular · IDCW	—	+19.02%	+34.59%	—	—	1.79%	₹9,371Cr
HDFC Pharma and Healthcare Fund HDFC · Regular · IDCW	—	+24.17%	+28.28%	—	—	2.11%	₹2,282Cr
Nippon India Japan Equity Fund Nippon India · Regular · IDCW	—	+28.99%	+22.97%	+10.76%	—	2.50%	₹330.20Cr
Franklin Asian Equity Fund Franklin Templeton · Regular · IDCW	—	+31.28%	+22.70%	+6.52%	—	2.47%	₹720.84Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap77.7%
Mid cap15.8%
Small cap6.5%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity83.28%
Cash & Equivalents16.70%
Debt0.02%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
DSP Large Cap Fund DSP · Large Cap Fund	74.1%	★★★★☆	1.21%	+10.00%
ICICI Prudential Large Cap Fund ICICI Prudential · Large Cap Fund	64.4%	★★★★★	1.01%	+9.67%
ICICI Prudential Business Cycle Fund ICICI Prudential · Sectoral/ Thematic	64.1%	★★★★★	1.03%	+13.49%
SBI BSE Sensex Index Fund SBI · Index Funds	53.7%	★☆☆☆☆	0.24%	+4.20%
Nippon India Index Fund - BSE Sensex Nippon India · Index Funds	53.7%	★★☆☆☆	0.21%	+4.26%
HDFC BSE Sensex Index Fund HDFC · Index Funds	53.7%	★★☆☆☆	0.22%	+4.25%
Tata BSE Sensex Index Fund Tata · Index Funds	53.7%	★★☆☆☆	0.33%	+4.15%
Nippon India ETF BSE Sensex Nippon India · Other ETFs	53.7%	—	0.04%	+4.47%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-15.0%02 Jan 2025 → 28 Feb 2025
Fell over 2 months, back to the old high on 26 Jun 2025 — 4 months under water after the low.
-12.0%11 Feb 2026 → 30 Mar 2026
Fell over 2 months, back to the old high on 06 Jul 2026 — 3 months under water after the low.
-8.2%03 Aug 2026 → 01 Oct 2026
Still below that high — 2 months down, and no recovery yet.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹1,162Cr

April - June 2026

+3%

since January - March 2026

+₹64.45Cr

est. net flow, last quarter

At or near its largest, ₹1,162Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

DSP Mutual Fund is run by DSP Asset Managers, part of the DSP Group, a Mumbai financial firm whose broking lineage runs back to 1860. The house operated as a joint venture with BlackRock — and Merrill Lynch before it — until the DSP family bought out the foreign stake in 2018.

Launched

15 Dec 1996

Total AUM

₹2,29,802Cr+2.0% QoQ

Avg AUM · April - June 2026

Website

dspim.com

Fund Managers

ATAnish TawakleyManaging since 01 May 2026

Role

Chief Investment Officer and Fund Manager

Total experience

Over 30 years

Education

PGDM (MBA) from IIM Bangalore and B. Tech (Mechanical Engineering) from IIT Delhi.

SYSandeep YadavManaging since 01 May 2026

Experience

Over 22 years of Experience: From April 01, 2023 onwards- Head Fixed Income- DSP Asset Managers Private Limited From September 02, 2021 to March 31, 2023- Head Fixed Income- DSP Investment Managers Private Limited From Jan 2006- Aug 2021 – Yes Bank Ltd- Head Primary Dealership and Fixed Income Trading. From Apr 2004- Sep 2005- Cognizant Technology Solutions- Senior Business Analyst From Jan 2001- Apr 2002- Hughes Software Solutions- Software Engineer From Aug 2000 – Jan 2001- Mahindra British Telecom- Trainee Software Engineer

Funds managed (2)

All schemes Sandeep Yadav runs →

AKAparna KarnikManaging since 01 May 2026

Role

Head - Quantitative Investments and Analytics Fund Manager

Education

B.Com, M.M.S. (Mumbai University)

Experience

Over 21 years of experience as under: From April 2023 to present: DSPAM- Senior Vice President, Head - Quantitative Investments and Analytics. From May 2022 to March 2023: DSPIM- Senior Vice President, Head - Quantitative Investments and Analytics From May 2010 to April 2022: DSPIM – Senior Vice President and Head – Risk & Quantitative Analysis From April 2007 to May 2010: CRISIL Ltd, Senior Manager, Corporate & Infrastructure Ratings From August 2004 to March 2007: CRISIL Ltd, Manager, Structured Finance Ratings

Funds managed (3)

All schemes Aparna Karnik runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Sandeep Yadav Aparna Karnik

Top holdings

ICICI Bank Limited HDFC Bank Limited Axis Bank Limited Bharti Airtel Limited Larsen & Toubro Limited Reliance Industries Limited Mahindra & Mahindra Limited NTPC Limited Ultratech Cement Limited DLF Limited Asian Paints Limited Maruti Suzuki India Limited

DSP in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Sectoral & Thematic funds

Sectoral and thematic funds must keep at least 80% in the equity of one sector (banking, pharma, technology) or one theme (consumption, manufacturing, ESG). That concentration is the point and the risk: with no mandate to diversify away from the sector, the fund rises and falls with it.

Frequently asked questions

What is the NAV of DSP Business Cycle Fund?

As of 05 Oct 2026, the NAV of DSP Business Cycle Fund is ₹9.77 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has DSP Business Cycle Fund delivered?

DSP Business Cycle Fund has returned -2.65% over 1 year and -1.29% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of DSP Business Cycle Fund?

DSP Business Cycle Fund charges an expense ratio of 2.63% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of DSP Business Cycle Fund?

DSP Business Cycle Fund's largest holdings are ICICI Bank Limited (9.4%), HDFC Bank Limited (8.5%), Axis Bank Limited (5.8%), Bharti Airtel Limited (4.6%) and Larsen & Toubro Limited (4.2%). Holdings are disclosed monthly and change over time.

How risky is DSP Business Cycle Fund?

DSP Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 13.7% and its worst peak-to-trough fall in our sample was -15.0%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What is the benchmark of DSP Business Cycle Fund?

DSP Business Cycle Fund is benchmarked against the Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Who manages DSP Business Cycle Fund?

DSP Business Cycle Fund is managed by Anish Tawakley, Sandeep Yadav and Aparna Karnik at DSP.

How is DSP Business Cycle Fund taxed?

DSP Business Cycle Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.